Second, as someone said, you should have checked on rental prices and comps before buying since optimistically with construction costs of 100 per sq ft, a 2k sq ft multifamily is easily going to be in the 200-250k construction costs including permits, fees etcAt that level, you would need to collect 2k in rent a month just  break even on the construction + costs.

Too many squirrely things can happen when you're a newbie (trust me I've been through them)

I'm with Luka, it is still a strong market, but we are absolutely leveling off.

Ready to “trust the process”

From my understanding, the other people's money approach is usually reserved for those who are experienced and are trusted with other's money, or people who have money and just refinance it back out of all the properties they buy.

Refinancing is going to be your easiest and quickest option, assuming you can appraise at the right level to have 20% equity.

Reach out to Diego's House Leveling (Foundation).

So you fix a place up to a reasonable level (say $2500 reno), but you don't attract the best tenant at the highest rate.

You have to run the numbers and evaluate your comfort level.

I would not drag this out any longer by trusting him to move out at the end of the month.